A closer look at weekend effects on bitcoin trading volumes and exchange flows

Many people believe that trading volumes on exchanges are lower on weekends than on weekdays, but to what extent is this true? Also, do weekend decreases in trading volumes correspond with decreases in the net amount of bitcoin flowing into exchanges?

Given that trading bitcoin on exchanges requires bitcoin to enter the exchanges, one might expect that lower trading volumes on weekends would also mean fewer bitcoin flowing into versus out of exchanges. If so, it may be important to traders and investors who use these metrics as signals of future price movements.